The world is going cashless. While the transition towards a less-cash dominant marketplace was in the works for some time now, the last two years saw a giant leap towards that direction. This was largely driven by COVID-19 and the multiple subsequent pandemic-induced lockdowns. Thanks to this change, now all of a sudden, it makes perfect sense to use an online payment provider and eliminate any reliance on cash for business needs.
Throughout the pandemic and beyond, businesses that have been able to pivot and flex towards online payment solutions have come out on top. Recognizing this need for speedy payments and convenient invoicing that can streamline your business processes, HyperPay has continued to shape the future of payments in KSA by addressing all relevant pain points within the market.
The company has been releasing topical products that can fit the market needs such as ‘e-invoicing’ as all merchants in Saudi Arabia are now required to have electronic billing records.
E-invoicing is no longer a fancy upgrade
While e-billing is seemingly a natural progression with the advancement of technological proliferation in commerce, there is also a regulatory mandate for companies to institutionalize e-invoicing.
The General Authority of Zakat and Tax (GAZT) has provided technical specifications and rules on how companies should introduce mandatory e-invoicing and record-keeping across the KSA.
The first step in this direction was taken on December 4, 2021, when it became essential to issue e-invoicing for KSA residents and third-parties issuing tax invoices on behalf of any taxpayer subject to Value Added Tax.
In 2023, phase two of these regulations will begin, including the integration with ZATCA (Zakat, Tax, and Customs Authority) systems. This will be reflected in all related legal processes within a year.
Those who don’t have a system for e-invoicing will fall behind the curve and gradually become irrelevant.
Changing financial landscape
The change in the way everyone is spending their money without cash means that this trend has caught on quickly and the customers have themselves become educated about it. Having to manually create and store invoices for every piece of business you carry out is an outdated practice in the present day. The days of wasting all that time filling in information regarding invoicing, hours worked, and costs, and potentially repeating this process every month is all but over.
Everyone has learned to adapt to cashless and even contactless payments in a very short time.
If you are a business owner, HyperBill can help you to get paid faster, reducing a lot of difficulty in business processing, and ensuring that unpaid invoices are constantly organized and chased. In addition, as earlier told, with the impending regulations, a digital, e-invoicing solution will no longer be optional.
Mobile wallets have changed business experience while providing more safety in the way you do business. The fast, streamlined method of managing money is in line with the technological prowess of the current times.
As a retailer or business, customers can pay you directly through their mobile phones, or other handheld devices is a boon. Consumers and fellow businesses are now used to this. The world has taken upon itself to fast track when it comes to payment technology and enjoys its time-saving potential. And the Middle East is not left behind to realize that the technology on offer can save time and increase security.
HyperPay, the company behind HyperBill, has been one of the key contributors in transforming how the payment and billing system in KSA has adopted the best of the global technological advancements.
How it saves your time and improves payment systems
HyperBill fills the gap in the market that many businesses have for a streamlined payment system. You can organize every aspect of your billing from one, straightforward platform accessible by your team.
Invoicing at fingertips
The user-friendly dashboard makes it simple to sign in and create an invoice in a matter of seconds, and you can use pre-made templates to start the process. You don’t need any complicated or elaborate training on how to use the system as it is simple and intuitive. Users can create clear and accurate invoices without any hassles of using complex techniques.
In case you want to create a customized billing structure, you have the option to customize it in any way you see fit. You can add or remove items to an invoice and change the look to match your company branding. Both the present and customized options will give a professional yet unique look to your bills. The customized option also gives a chance to businesses to stand out if they want their bills to look different than others.
The secure and simple checkout experience
Unfortunately, we live in the age of many scammers and large-scale operations trying to defraud companies and individuals, but HyperBill has powerful security features in place so that you can be assured of a secure connection and a simple and safe experience when invoicing or paying bills.
Whether you are dealing with personal or business finances, security is essential. HyperBill ensures that people have a straightforward way to pay their bills and opt from different payment methods without having doubts over the security of the platform.
One platform for all billing needs
The powerful e-invoicing system can issue one-off invoices for a singular work carried out, create a recurring billing system so that you don’t have to create invoices every single month, or even manage a subscription service.
The fact that you can avoid the process of creating invoices every month and automate the process on mundane tasks can save valuable time and increase productivity.
The system also keeps track of if you are getting paid on time, every time and ensures that you no longer have to worry about chasing up your monthly subscriptions and recurring bills. For this service too, you have the option to customize from existing templates to further save your time.
With a digital trail of all invoices in the system, it becomes easier for administrators in case there is a need to chase. This also makes record-keeping very easy even for large businesses.
No website required
You don’t need a website to use the service, either. HyperBill can operate within a secure platform that you log into, so even if your business doesn’t have a website, you can take advantage of all of the features of HyperBill.
Make it is easy for customers and clients to pay you
The future of payments in KSA is easy for clients and customers. More and more businesses are waking up to the fact that it is in everyone’s interests to create a secure and simple method. There are multiple ways in which you can make it easier:
# Creating simple itemized bills and invoices, so that your customers can see exactly what they are paying for.
# Provide multiple payment options. Customers are more likely to pay you promptly if they have the option to pay using their most convenient method, and this is different for each customer and client.
# Allow subscriptions and recurring payments. This is a way for customers to set up monthly or yearly payments, which they can automate. You no longer have to worry about chasing them every single month.
The world of business payment has changed for the better. HyperBill is proud to help businesses keep up with the evolving market by offering a complete, simple, and fully-featured billing and invoicing solution. While it is being easy to receive payments, the subscription system of membership for HyperBill is simple with an excellent support team if anything goes wrong. HyperPay and HyperBill are leading the way in the KSA.